Loeb & Loeb, Davis Polk Guide $769M SPAC Merger

Law360 (July 6, 2020, 6:04 PM EDT) -- Special purpose acquisition company Orisun, represented by Loeb & Loeb, said Monday it is merging with Davis Polk-led Chinese coworking space business Ucommune in a deal valuing the new group at $769 million.

Orisun Acquisition Corp. said in a statement that its wholly owned subsidiary is acquiring Ucommune Group Holdings Ltd., a Hong Kong-based coworking office space company founded in 2015, after which the combined company will trade on the Nasdaq. The new company's value assumes there will be no shareholder redemption and it will receive $44.8 million from Orisun, the statement said.

Special purpose acquisition companies are shell entities that raise money...

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